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Performance
We update the performance of our portfolio strategies every month and publish the results here for the world to see. The chart below shows the cumulative net performance of each portfolio strategy since its inception. We show the year-by-year performance, the current year, and the year-to-date performance.
We also show the 3- and 5-year annualized return for each portfolio. Annualized return, or "average annual return," describes the return gained, on average, each year of a multi-year period rather than a cumulative return. Annualized return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative return if performance had been constant over the entire period. Cumulative return, which reflects the actual year-by-year gains, is shown under the column heading “Since Inception.” Of course, past performance is no guarantee of future results.
We understand that our track record doesn’t occur in a vacuum. For this reason, we display our track record along side the relevant industry benchmarks.
We are highly sensitive to the matter of managing risk. After all, it’s your money. That’s why we offer an array of carefully crafted investment strategies to suit the time horizon and risk tolerance of different investors.
We invite you to take an in-depth look at our investment philosophy as explained by Chief Investment Officer Richard Moroney in this informative interview published by The Wall Street Transcript.
|
Since Inception |
2010 (YTD) |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
Annualized
Performance |
|||
3 Year |
5 Year |
|||||||||||
|
48.3% |
-1.2% |
21.1% |
-36.9% |
12.3% |
11.8% |
10.0% | 25.3% | -8.3% |
-0.4% |
||
| 50/50 Blend of Russell 1000/2000 |
41.1% |
2.4% |
28.0% |
-35.7% |
2.1% |
17.0% |
5.5% | 14.9% | -5.3% |
0.3% |
||
| S&P 500 | 28.0% |
-0.1% |
26.5% |
-37.0% |
5.5% |
15.8% |
4.9% | 10.9% | -6.8% |
-0.2% |
||
|
32.5% |
3.3% |
17.6% |
-38.1% |
10.7% |
10.4% |
7.7% | 34.7% | -9.3% |
-1.2% |
||
| Russell 2000 | 29.8% |
4.8% |
27.2% |
-33.8% |
-1.6% |
18.4% |
4.6% | 18.3% | -4.3% |
0.5% |
||
|
15.0% |
-0.7% |
21.2% |
-34.5% |
11.5% |
13.6% |
7.4% | 21.7% | -6.7% |
0.6% |
||
| Russell 3000 | 8.2% |
0.5% |
28.3% |
-37.3% |
5.1% |
15.7% |
6.1% | 11.9% | -6.4% |
0.1% |
||
|
11.0% |
0.6% |
16.6% |
-23.6% |
7.8% |
9.6% |
5.0% |
N/A |
-3.2% |
1.8% |
||
| 65% Russell 3000
Stock 35% Barclays U.S. Bond Aggregate Blend |
15.5% |
2.8% |
20.6% |
-24.3% |
5.9% |
11.7% |
4.0% |
N/A |
-1.1%
|
2.4%
|
||
|
19.9% |
0.7% |
16.6% |
-25.8% |
8.8% |
10.3% |
5.4% |
14.1% |
-3.6% |
1.3% |
||
| 65% Russell 3000
Stock 35% Barclays U.S. Bond Aggregate Blend |
41.1% |
2.8% |
20.6% |
-24.3% |
5.9% |
11.7% |
4.9% |
9.3% |
-1.1%
|
2.4%
|
||
|
-9.3% |
-1.1% |
20.4% |
-33.7% |
6.3% |
8.1% |
N/A |
N/A |
-6.2% |
N/A |
||
| Russell 3000 | -4.6% |
0.5% |
28.3% |
-37.3% |
5.1% |
12.2% |
N/A |
N/A |
-6.4%
|
N/A
|
||
Performance for Since Inception, YTD and 3-Year and 5-Year Annualized is through 07/31/10.
Past performance is no guarantee of future results.
Horizon Investment Services, LLC, is registered with the SEC as an investment adviser. The firm manages equity, mutual fund, income, and balanced portfolios for U.S. investors. The composite performance results include all fully discretionary active and terminated non-wrap accounts for the strategy and exclude any accounts with significant client-imposed investment restrictions. Accounts are added to the composite after their first full calendar month of investment performance. Prior to 1/1/2010 composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 30% or more of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the second full month after the cash flow. Beginning 1/1/2010, there is no significant cash flow removal policy where accounts are re-valued in instances of a 30% or more large flow. Gross composite performance returns are asset-weighted, total return figures after brokerage commissions and reinvested income, but do not reflect the payment of advisory fees and other expenses that would be incurred by the client for HIS to manage the account. Net composite performance returns are after brokerage commissions, reinvestment of income, and advisory fees. Net performance was calculated using the highest fee charged to any client employing this strategy for the periods under consideration. Actual fees may vary depending on fee schedule and portfolio size. Advisory fee schedules are available upon request or may be found in Part II of Horizon Investment Services’ Form ADV.
The Quadrix® stock-rating system is a product wholly-owned by Horizon Publishing Company, Horizon Investment Services' sister company. Horizon Investment Services has contracted with Horizon Publishing Company to use the Quadrix stock-rating system for its stock-screening processes.
*As of July 31, 2010, the Best Ideas Strategy composite included 84 accounts with $30.8 million in combined assets. Composite results do not include 91 subadvisory wrap accounts with $43.3 million using the Best Ideas Strategy. In addition to large and mid-capitalization stocks, the Best Ideas Strategy contains small-capitalization stocks, which tend to be more volatile. The inception date of the composite was July 31, 2003. The comparative market index for the Best Ideas Strategy is a 50/50 blended performance of the Russell 1000 and Russell 2000 indexes, calculated by averaging the cumulative total returns of the two indexes for the periods presented. In our opinion, this blended index represents a fair approximation of the composition of the Best Ideas Strategy. The Russell 2000 index is an unmanaged index that measures the performance of the smallest 2,000 companies in the Russell 3000 Index of the 3,000 largest U.S. companies in terms of market capitalization. The Russell 1000 index is an unmanaged index that measures the performance of the largest 1,000 companies in the Russell 3000 index of the 3,000 largest U.S. companies in terms of market capitalization. The S&P 500 index is presented solely because it is a widely followed index. The S&P 500 index is an unmanaged index that measures the performance of 500 large company stocks weighted by market capitalization.
**As of July 31, 2010, the Upside Plus Portfolio composite included 18 accounts with $6.9 million in combined assets. The Upside Plus Strategy contains many small-capitalization stocks, which tend to be more volatile than large-capitalization stocks. The inception date of the composite was November 30, 2003. The comparative market index for the Upside Plus Strategy is the total return performance of the Russell 2000 Index. The Russell 2000 index is an unmanaged index that measures the performance of the smallest 2,000 companies in the Russell 3000 Index of the 3,000 largest U.S. companies in terms of market capitalization.
***As of July 31, 2010, the Core Opportunities Strategy composite included 11 accounts with $10.3 million in combined assets. The Core Opportunities Strategy tends to be weighted more toward large-capitalization stocks while also holding small-capitalization stocks, which tend to be more volatile. The inception date of the composite was November 30, 2000. The comparative market index for the Core Opportunities is the total return performance of the Russell 3000 Index. The Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies in terms of market capitalization. Past performance is no guarantee of future results.
****As of July 31, 2010, the Best Ideas Plus Income Strategy composite included 13 accounts with $6.0 million in assets. The Best Ideas Plus Income Strategy incorporates the equity positions of our Best Ideas Strategy with a maximum equity exposure of 65%. The remaining portfolio is comprised of fixed income securities such as bond funds, ETFs and cash instruments. In addition to large and mid-capitalization stocks, the Best Ideas Plus Income Strategy contains small-capitalization stocks, which tend to be more volatile. The inception date of the composite was June 30, 2005. The comparative market index for the Best Ideas Plus Income Strategy is a 65/35 blended performance of the Russell 3000 and the Barclays US Bond Aggregate Blend indexes, calculated by averaging the cumulative total returns of the two indexes for the periods presented. In our opinion, this blended index represents a fair approximation of the composition of the Best Ideas Plus Income Strategy. The Russell 3000 index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies in terms of market capitalization. The Barclays US Bond Aggregate Blend index is comprised of US-denominated, Investment-grade, fixed-rate, taxable bonds.
*****As of July 31, 2010, the Balanced Portfolio Strategy composite included 6 accounts with $2.8 million in combined assets. The Balanced Portfolio Strategy incorporates the equity positions of our Core Opportunities Strategy with an equity exposure ranging from 30% to 70%. The remaining portfolio is comprised of fixed income securities such as bond funds, ETFs and cash instruments. In addition to large and mid-capitalization stocks, the Balance Portfolio Strategy contains small-capitalization stocks, which tend to be more volatile. The inception date of the composite was March 31, 2001. The comparative market index for the Balanced Portfolio Strategy is a 65/35 blended performance of the Russell 3000 and the Barclays US Bond Aggregate Blend indexes, calculated by averaging the cumulative total returns of the two indexes for the periods presented. In our opinion, this blended index represents a fair approximation of the composition of the Balanced Portfolio Strategy. The Russell 3000 index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies in terms of market capitalization. The Barclays US Bond Aggregate Blend index is comprised of US-denominated, Investment-grade, fixed-rate, taxable bonds.
******As of July 31, 2010, the Dividends Plus Portfolio composite included 2 accounts with $489,000 in combined assets. The Dividends Plus Strategy is a quantitative approach of selecting dividend-paying stocks using the Quadrix® stock ranking system. In addition to large and mid-capitalization stocks, the Dividends Plus Strategy contains small-capitalization stocks, which tend to be more volatile. The inception date of the composite was July 31, 2006. The comparative market index for the Dividends Plus is the total return performance of the Russell 3000 Index. The Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies in terms of market capitalization.